Woodmere Art Museum Inc.

“The organization has members but no stockholders. Members have the right to attend art classes provided by the organization and receive annual updates on the organization.”

“Trustees are elected by the members at the annual meeting.”

“Certain changes to the by-laws may require member approval”

“A copy of the draft of form 990 is sent to the full board for their review and comments prior to filing the return. An officer signs the return after considering board comments.”

“All employees and trustees sign a code of ethics that includes conflict of interest policy. The questionnaire is completed annually by trustees and reviewed by the governance committee. If an issue or transaction involves a board member with a conflict, that board member is prohibited in the governing body's deliberation and decision with respect to that transaction or issue.”

“A contract detailing compensation for the director/ceo, is evaluated and approved annually by the executive committee. Surveys and reviews of compensation are collected annually. Staff and director compensation is reviewed annually. The finance committee signs off on salaries and the board members approve them.”

“A financial summary is available to the public upon request.”

“Utilities: program service expenses 76,362. Management and general expenses 4,566. Fundraising expenses 228. Total expenses 81,156. Program expenses: program service expenses 69,278. Management and general expenses 0. Fundraising expenses 0. Total expenses 69,278. Maintenance & repairs: program service expenses 56,929. Management and general expenses 4,154. Fundraising expenses 208. Total expenses 61,291. Miscellaneous expenses: program service expenses 1,829. Management and general expenses 4,126. Fundraising expenses 10,528. Total expenses 16,483. Director's expense: program service expenses 10,241. Management and general expenses 1,463. Fundraising expenses 2,926. Total expenses 14,630. Art classes expense: program service expenses 12,711. Management and general expenses 0. Fundraising expenses 0. Total expenses 12,711. Telephone: program service expenses 5,930. Management and general expenses 2,965. Fundraising expenses 1,779. Total expenses 10,674. Conservation and curatorial: program service expenses 9,225. Management and general expenses 0. Fundraising expenses 0. Total expenses 9,225. Printing expenses: program service expenses 5,589. Management and general expenses 2,502. Fundraising expenses 323. Total expenses 8,414. Postage & delivery: program service expenses 3,212. Management and general expenses 739. Fundraising expenses 558. Total expenses 4,509. Dues & subscriptions: program service expenses 3,251. Management and general expenses 433. Fundraising expenses 650. Total expenses 4,334. Trustees expense: program service expenses 0. Management and general expenses 3,809. Fundraising expenses 0. Total expenses 3,809. Staff development: program service expenses 343. Management and general expenses 361. Fundraising expenses 85. Total expenses 789. Office furniture: program service expenses 45. Management and general expenses 350. Fundraising expenses 0. Total expenses 395. Library expenses: program service expenses 114. Management and general expenses 0. Fundraising expenses 0. Total expenses 114.”

“The organization has a finance committee which assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. The procedures of the finance committee with respect to these responsibilities have not changed from the prior year.”

“Under generally accepted accounting principles, the revenue over expense "increase" was $1,938,327 for the current year. However, under irs regulations for the form 990, the $759,098 of unrealized gain is not included in the revenue less expenses, resulting in a $1,179,229 increase shown on the form 990. The reconciliation of the revenue less expenses between the financial statements and the form 990 is also shown on page 4 of schedule d of the form 990.”

“Not applicable: the organization had no contributions of qualified intellectual property.”

“Not applicable: the organization had no contributions of cars, boats, airplanes, or other vehicles.”